The most digital segments of the sector such as video games will grow, but the most traditional ones such as newspapers will fall
MADRID, 10 Feb. (EUROPA PRESS) –
Revenue from the entertainment and media sector will increase by 3.3% until 2024 in Spain, reaching 32,567 million euros, above the growth expected worldwide in the same period, which stands at 2.8 %, up to 2.2 billion euros, according to the 21st edition of the report ‘Entertainment and Media Outlook 2020-2024 Spain’, prepared by PwC.
For the partner responsible for Entertainment and Media at PwC Spain, Patricia Manca, the pandemic has accelerated the changes and trends that have been seen coming for years. “Today, the industry is more digital, more personalized offers and data has become the key to managing the demands of increasingly demanding users,” he added.
The report notes that in the past year the entertainment industry around the world has seen its growth slow down and it is estimated that, starting in 2021, a significant recovery period will follow.
The shock caused by the coronavirus has impacted the industry as a whole unevenly, since while some segments have strengthened, others have accentuated the decline that they had been dragging for years.
BOOM OF THE VIDEO GAME
Spain is an important global video game market, which is enjoying a period of strong growth, mainly thanks to the spectacular expansion of social games in recent years. In 2020, despite the pandemic, the segment is expected to reach revenues of 1,823 million euros.
The eSports market in Spain, electronic sports competitions, continues to grow at a faster rate than the rest of Europe, thanks to the interest of high-profile sports teams, corporate sponsors and audiences.
Pay television in Spain continues to expand and, currently, more than ten million households have access to one of its modes. Revenues from television subscriptions will increase by 2.8% in 2024, reaching 2,782 million euros.
In addition, the report estimates an increase in Spain of 2.2% in revenues from Internet advertising until 2024. Mobile devices will continue to be the main growth engine, accounting for 98% of new revenues for the period 2019-2024 .
On the other hand, the Spanish podcast market is booming, with a monthly audience of 14.3 million, compared to 3.7 million in 2015.
FALL OF TRADITIONAL MEDIA
The Pwc report points out that, in Spain, income from the circulation of printed newspapers will continue to fall at a rate of 7%, going from 538 million euros in 2019 to 374 million in 2024.
Furthermore, the pandemic has hit the book segment, with sales declining between 80% and 90% at the peak of the crisis, according to the Federation of European Publishers (FEP).
Regarding the cinema, this industry reached its best figure in a whole decade, 624 million euros, but the situation caused by the pandemic indicates that total box office revenues will fall by around 250 million euros in 2020 and will gradually recover in subsequent years, with a fall of 2.8% in the period 2019-2024.
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